{"id":19346,"date":"2021-06-17T15:14:05","date_gmt":"2021-06-17T09:44:05","guid":{"rendered":"https:\/\/itatonline.org\/digest\/assotech-moonshine-urban-developers-p-ltd-v-dcit-2021-186-itd-600-delhitrib\/"},"modified":"2021-06-17T15:14:05","modified_gmt":"2021-06-17T09:44:05","slug":"assotech-moonshine-urban-developers-p-ltd-v-dcit-2021-186-itd-600-delhitrib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/assotech-moonshine-urban-developers-p-ltd-v-dcit-2021-186-itd-600-delhitrib\/","title":{"rendered":"Assotech Moonshine Urban Developers (P.) Ltd. v. DCIT (2021) 186 ITD 600 (Delhi)(Trib.)"},"content":{"rendered":"<p>Assessee-company issued Fully Compulsorily Convertible Debentures (FCCDs) to its foreign based Associated Enterprise (AE).\u00a0 It made payment towards interest on FCCDs denominated in Indian Rupee to said AE.\u00a0 TPO applied LIBOR based interest rates to benchmark aforesaid international transaction of payment of interest. Tribunal held that\u00a0\u00a0 interest should be market determined interest rate applicable to currency in which loan has to be repaid. Therefore lending rate was SBI Prime Lending Rate and, therefore, TPO was unjustified in using LIBOR based interest rate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 92C : Transfer pricing-Arm\u2019s length price-Fully  Compulsorily Convertible Debentures (FCCDs)-Interest adjustment-Interest should be market determined interest rate applicable to currency in which loan has to be repaid i.e. SBI Prime Lending Rate and not LIBOR based interest rate. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-19346","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-522","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=19346"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19346\/revisions"}],"predecessor-version":[{"id":19347,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19346\/revisions\/19347"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=19346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=19346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=19346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}